Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0334%/8h= +36.6% APRpaid last 24h +0.060%

Price spread now: HTX against GMX−0.123%52s7-day average −0.031% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now −0.123%, 7d avg −0.031%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.092% cheaper against GMX than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of −0.031%). If the spread goes back, that is −$9 on $10k: about 22 hours of funding at the current rate (+$10 a day). The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.041% in total (about -4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09580	L −0.0234% / S +0.0570%	get 0.0029% / 1h	10m 19s	$106K	—	100x
Short	HTX XPL-USDT	0.09568	0.0100	get 0.0050% / 4h	10m 19s	$132K	$212K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee HTXbpOrdersPrice spread, now −0.123%Rate

Funding earned: $70.24
Price spread: −0.123% → −0.031%: −$9.24
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: $37
Costs to cover: 0.240%
Break-even: 3.3 days

Slippage unknown: GMX: no order-book sample; HTX: live order book, 26 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GMX no order-book sample	—	—	—	—	—
Sell HTX live order book, 26 min ago	18.90 bp	43.1 bp −$43	doesn't fit	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XPL on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	−0.1408%	1h	0.09551	−0.301%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0464%	1h	0.09571	−0.092%	$556	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0234% / S +0.0570%	1h	0.09580	long leg	$106K	—	100x
Bybit XPLUSDT	−0.0034%	4h	0.09571	−0.092%	$45.6M	$53.8M	75x	as long as short
Paradex XPL-USD-PERP	−0.0030%	8h	0.09564	−0.170%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0027%	4h	0.09572	−0.081%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09569	−0.115%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.971%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09580	+0.002%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09579	−0.009%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0048%	4h	0.09570	−0.102%	$7.7M	$47.7M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09570	−0.097%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09597	+0.180%	$60.5M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09583	+0.033%	$253K	$406K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09571	−0.089%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09577	−0.030%	$43.3M	$97.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09577	−0.029%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09578	−0.019%	$12.5M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09570	−0.102%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09587	+0.075%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09573	−0.071%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09571	−0.092%	$179K	$180K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09561	−0.193%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	−0.103%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	−0.102%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09586	+0.065%	$126K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.311%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	+0.002%	$196	$9K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09568	−0.123%	$132K	$212K	20x
Bulk XPL-USD	+0.0100%	1h	0.09555	−0.259%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09573	−0.074%	$595K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09578	−0.019%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09583	+0.033%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09561	−0.196%	$1.7M	$929K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09570	−0.102%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2732%	1h	0.09601	+0.217%	$542K	$939K	10x	as long as short